京东：Expecting solid revenue and earnings growth-20250411

Saiyi HE, CFA (852) 3916 1739 hesaiyi@cmbi.com.hk China Internet 11 Apr 2025 CMB International Global Markets | Equity Research | Company Update JD.com (JD US) Expecting solid revenue and earnings growth For 1Q25E, we anticipate that JD.com (JD) has inked total revenue of RMB291.9bn, up 12.2% YoY, driven by the nationwide implementation of the subsidy program, and this could be 1% better than Bloomberg consensus. We are also looking for 21% YoY growth in non-GAAP net profit for JD, also 1% better than conse ...